Global supply and demand of crude oil is expected to be balanced in 2012 if OPEC's oil production stays at the current level of 30 million b/d, the Institute of Energy Economic Japan said Thursday.
World oil demand will grow by 1 million-1.1 million b/d to 90.1 million b/d, while total oil production is seen to rise 500,000-600,000 b/d to 90 million b/d with higher production from non-OPEC countries, such as the US and Russia, IEEJ said.
The average price of WTI crude for 2012 is expected to be $100/barrel, with a margin of plus or minus $10/b, it said.
Meanwhile, global LNG supply will be enough to meet Japan's increasing demand. Japan has been importing more LNG and other fuels to meet power demand as utilities were facing difficulty restarting their shut nuclear plants after the March 11 earthquake, said IEEJ.
World LNG demand in 2012 will be about 242 million mt while supply will come in at 263 million mt, the institute said.
Japan will import 82 million-95 million mt of LNG in fiscal 2012-2013 (April-March), depending on operation rates of nuclear power plants, it said.
